Question
Prepare the following chart for Beta Companys December transactions. Beta uses a perpetual inventory system and the FIFO cost flow assumption. Sales boxes, if applicable
Prepare the following chart for Beta Companys December transactions. Beta uses a perpetual inventory system and the FIFO cost flow assumption. Sales boxes, if applicable to the transaction, must be by units, unit sales price and total sales price. Purchases and COGS boxes, if applicable to the transaction, must be by units, unit cost, and total cost. The inventory balance must be updated after each transaction and must be shown by units, unit cost and total cost.
December 1, Beginning Inventory 235 units @ $16 each= $ 3,760
December 12, Purchase 180 units @ $15 each= $ 2,700
December 18, Purchase 370 units @ $14 each= $ 5,180
December 20, Sale 400 units @ $30 each= $12,000
December 31, Physical Count 350 units
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started